Get Cash Fast: Online Installment Loans vs. Payday Loans

When you find yourself in a pinch financially—especially if you have a low credit score—it can be tough to know what your best option is. Payday loans are a common short-term loan option, but they’re very short: Typically, you’re required to pay the money back within around two weeks, when your next paycheck comes in. Essentially, a payday loan is simply a cash advance against your next paycheck, to be used for bills or purchases that you need to make before you have the money in your account.

The challenge with a pay-back period of around two weeks? When one-third of your income is already dedicated to your rent or mortgage—and your next biggest expenses, like cable, food, gas, and utilities—most of your next paycheck may already be spoken for.

Get the Money You Need…and More Time to Pay It Back

Online installment loans are a great alternative to typical payday loans, because they’re a short-term bad credit loan that don’t need to be paid back in full in two weeks. The terms of an online installment loan involve paying back the loan in equal parts (installments) over a set amount of time (usually months). Because your payments are broken up, the amount required from any one paycheck is much smaller—and you’re able to keep more of your money for your typical recurring expenses.

While these types of installment loans typically include a slightly higher interest rate (due to the extended repayment deadlines), many borrowers who need a cash advance or quick loan find online installment loans to be a much more accessible and flexible option than typical payday loans.

Stay Ahead of Your Bills

Because online installment loans have a longer, more flexible repayment period, you’re able to break your repayment up into smaller, more manageable, and more predictable installments. That means you can pay back your loan and manage your finances to meet your responsibilities, without getting stuck in a treadmill of repayments.

More Time Means Less Stress

Repaying loans can be very stressful—especially if you’re trying to manage your other bills and financial obligations at the same time. With an extended pay-back period, online installment loans loosen the grip of tight deadlines and lessen the anxiety associated with them.

Avoid Fees and Penalties

If you miss your repayment deadline for a payday loan, you can be in for some serious penalties. Many payday loans even come with early payment penalties, which can make it difficult to manage your financial responsibilities effectively. Unlike these payday loans, Jora Credit never charges for early repayment on our online installment loans.

A More Convenient Option

Many payday loans are available through storefront operations, but they’re not always in convenient locations. Rather than trying to find a payday lender near you, online installment loans offer the convenience of applying for the loan, receiving a decision, and if approved, getting your money—all from the comfort of your own home!

An Established and Trusted Quick Loan Option

Online installment loans are incredibly common forms of short-term loans or cash advances. In fact, many people use some form of an installment loan to manage loans that would otherwise be too difficult to pay off quickly, including mortgage loans, home equity loans, car loans, even student loans.

What Type of Short-Term Loan is Right for You?

If you need cash fast and don’t have a great credit score, you still have options. With online installment loans, it’s possible you can apply, receive a decision, and if approved, have the money deposited in your bank account the same day.* Give Jora Credit a call or apply for a short-term loan now.

We’re Here to Help

When it comes to improving your credit score, it helps to have someone looking out for you. We created Allay to provide you with helpful tools to get you back on track and help improve your financial standing. To learn more about short-term loans building your credit, you can always visit our Resource Center.

TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY CONTACT:
Complaints Manager in WRITING at P.O. Box 8407 Philadelphia, PA 19101; EMAIL at Complaints@JoraCredit.com; or by CALLING1-888-256-6083.1-888-256-6083.

This is an expensive form of credit. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit, existing savings or borrowing from a friend or relative, may be less expensive and more suitable for your financial needs. Before borrowing, please consider whether you will be able to repay any amount you borrow along with the Finance Charges disclosed to you in your Agreement. Customers with continued credit difficulties should seek credit counseling.

1First-time customers typically qualify for credit in amounts between $500 and $2,600, with APRs between 170% and 349%. For example, in Missouri a $2,000 installment loan from Jora would require 48 bi-weekly payments of $179.54, which includes $6,618.50 of interest and an APR of 230%. After the 48th successful payment, the loan would be paid in full. Refer to the What It Costs page for additional details and products specific to your state of residence.

*For Installment Loans; If electronic funding is selected and your loan agreement is signed and submitted prior to 10:30 a.m. Central time (Monday – Friday, excluding bank holidays) the loan will be funded that day. Loan agreements that are signed and submitted after this time will be funded on the next business banking day. Loans selected to fund by paper check take up to 7 to 10 business days to receive. In some cases, we may not be able to verify your application information and may ask you to provide additional documents or information, which can cause funding delays.

For Lines of Credit; If you submit your Cash Advance request prior to 10:30 a.m. Central time (Monday – Friday, excluding bank holidays) your request will be funded that same day. You will have to check with your bank to see exactly when the funds will appear in your account, but it should be there by 5pm your local time. If you submit your Cash Advance request after 10:30 a.m., your request will be funded on the next business banking day. Alternatively, you can request that we send you a paper check by mail, which will take approximately 7 – 10 business days to receive.

Because we may report your payment history to one or more credit bureaus, late or non-payment of your loan or Line of Credit may negatively impact your credit rating. If you fail to repay your Account in accordance with the terms of your Agreement, we may place your Account with or sell your Account to a third-party collection agency or other company that acquires and/or collects delinquent consumer debt.